Hanley Investment Group Arranges Sale of Smith’s Grocery Shadow-Anchored Shopping Center in Sandy, UT

Bill Asher

SANDY, UT - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of Canyon Center, a 47,866-square-foot shopping center shadow-anchored by Smith’s Grocery in Sandy, Utah, which is located in the southeast Salt Lake City metro area. The sale price was not disclosed.

Hanley Investment Group Executive Vice Presidents Bill Asher and Kevin Fryman, along with President Edward Hanley, represented the seller, Pacific Canyon Center, LLC, based in Irvine, California.

Kevin Fryman

The buyer was a local investor and was represented by Greg Swedelson and Jon-Eric Greene with SSG Realty Partners. The property was part of a multi-property acquisition strategy, across multiple states, to fulfill the buyer’s 1031 exchange requirement.  

Built in 1998, Canyon Center is located on 6.79 acres at the intersection of 9400 South and Highland Drive in Sandy. 

The sale included Smith’s gas station, Wells Fargo and Wendy’s (all stand-alone pad locations within the center) as well as 38,000 square feet of active lifestyle and daily needs shop tenants. The property was 80 percent occupied at the time of the sale.

Jon-Eric Greene

“The shopping center has enjoyed long-term historical occupancy and an internet-resistant mix of tenants,” Fryman said. “Nearly 80 percent of the occupied square footage has been leased by the same tenants since 2010 or earlier.”

The property offered an attractive value-add opportunity with a multitude of different ways to achieve future upside potential. “The buyer has the immediate opportunity to lease-up 20 percent vacancy within a high-performing Smith’s Grocery-anchored center, as well as the future flexibility to execute a break-up sale strategy if desired,” Asher noted.

The shopping center benefits from the high-traffic signalized intersection location with 30,000 cars per day and affluent demographics.

Edward Hanley

Within a one-mile radius, the average household income is $127,000. The current population within a five-mile radius of the center is 223,000. Smith’s at Canyon Center is well-positioned to continue to be the dominant, long-term grocer for the surrounding community, according to Hanley.

The shopping center is also minutes from Snowbird and Alta Ski Resorts and is ideally positioned as the last grocery store prior to traveling through Cottonwood Canyon to the nearby ski resorts.

“This is a highly desirable retail trade area with national and regional anchor tenants located nearby, including Walmart Supercenter, 24 Hour Fitness, Fresh Market, Hobby Lobby, Home Depot, Lowe’s and Walgreens.

"Smith’s is a division of Kroger (NYSE: KR; S&P: BBB), the largest supermarket chain by revenue in the U.S. and is an excellent daily traffic generator to the shopping center,” said Asher. The population is expected to grow by 110,000 over the next 30 years.

Canyon Center

Hanley added, “Investor demand for multi-tenant retail assets leased to national credit tenants in prime locations with an opportunity to improve cash-flow long-term through the upside of additional lease-up and a potential break-up strategy to maximize ROI will continue to be the most attractive opportunities for investors in 2018.”

SSG Realty Partners is a boutique commercial real estate firm with offices in Los Angeles, Honolulu and Park City, Utah.  SSG provides full-service real estate services including investment advisory, asset management, development and leasing. 

 SSG specializes in buy-side representation serving as a collaborative business partner and outsourced acquisition team, managing the purchase process from initial investment strategy, sourcing, underwriting, financing, closing and property transition..

CONTACT:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com 
830.997.0963

 www.ssgpartners.com

www.hanleyinvestment.com. 

Marcus & Millichap Arranges $900,000 Sale of The Beach at Bayshore Apartments in Tampa, FL

Ari Ravi

TAMPA,FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Beach at Bayshore, a 6-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $900,000.

Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

Shawn Rupp

The buyer, a private investor, was also secured and represented by the three brokers.

 “The Beach at Bayshore is located on the same block as some of Tampa’s most desirable apartments and condos.  This property has recently received major renovations to all but two units, which the buyer plans to continue renovating during their ownership,” says Mr. Rupp.

The Beach at Bayshore is a two-story, six-unit multifamily property located in the most prestigious rental neighborhood of Hyde Park. 

Casey Babb

Located just a few minutes from Downtown Tampa, Bayshore Boulevard, Amelie Arena, University of Tampa, Publix Supermarket, Tampa General Hospital, Davis Islands, the Tampa Riverwalk and the Tampa Convention.

The Beach at Bayshore is unparalleled with its proximity to the area’s most popular economic and entertainment drivers.

Originally built in 1900 and receiving major renovations this year, The Beach at Bayshore’s tenants enjoy some of the best amenities a short walk or bike away.

Luis Baez

Less than a quarter mile from Downtown Tampa and Tampa General Hospital, 0.4-miles from the University of Tampa and 2.58-miles from the Westshore Business District.

The Beach at Bayshore provides a short commute to large employment centers in the region, as well as the area’s best schools from kindergarten to university. The Beach at Bayshore is located at 212 Beach Place in Tampa, Fla. 

CONTACT:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Trez Forman Capital Group’s Carolinas Expansion Continues with $16.64 Million Loan in Greater Raleigh-Durham

Brett Forman

 Palm Beach, FL and Hillsborough, NC, Sept. 5, 2018 –Trez Forman Capital Group has completed a $16.64 million loan for the acquisition of 57.39 acres in Hillsborough, North Carolina, just outside of Durham and Chapel Hill.

The Daniel Boone Street site includes two existing retail centers and has the capacity for substantial additional mixed-use commercial real estate development.

Daniel Boone Landco, LLC is the borrower. The transaction follows a $17.24 million loan Trez Forman funded for the purchase of a 138-acre Hillsborough parcel – Collins Ridge- by the same borrower in May.

Trez Forman President and CEO Brett Forman arranged the Daniel Boone Street transaction, which closed on Sept. 4.

The Daniel Boone Road site is located just north of Exit 164, also known as Churton Street, on I-85. The borrower plans to bring in a partner and evaluate whether to develop or sell individual parcels to interested parties.

This is the sixth loan that Trez Forman has made in North Carolina this year as part of its efforts to increase its presence in the Carolinas.

In February, a developer borrowed $35 million from the lender to develop a mixed-use project in Wilmington.  In May, the lender completed a $2.5 million acquisition loan for a 195-acre residential development site in Surf City.

On July 6, Trez Forman closed a $42 million construction loan for a large-scale residential development in the Charlotte, N.C. suburb of Huntersville.

“It is exciting to continue our Carolinas activity and expand our relationship with this particular borrower,” said Forman. “We have no plans to slow down our search for similar opportunities in the region.”

CONTACT:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.trezforman.com.

Trion Properties Launches Second Fund; Targets $50 Million in Equity for $150 Million in Buying Power

 

Max Sharkansky

  LOS ANGELES, CA (Sept. 5, 2018) – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has announced the launch of Trion Multifamily Opportunity Fund II, LLC, its second investment fund vehicle.

The fund, which will target $50 million in equity to deliver $150 million in buying power, will invest in the acquisition, improvement, and repositioning of undervalued multifamily assets in high-growth markets along the West Coast.

The launch of this fund comes on the heels of the closing of the firm’s debut fund, which has over 100 investors, including accredited high net worth investors, RIAs, and family offices, and is allocated across value-add multifamily investments within growing submarkets demonstrating strong fundamentals in the Bay Area and greater Portland area.

 “With our first fundraising effort, we were testing the waters with regard to how our investors would allocate to a fund,” explains Max Sharkansky, Managing Partner of Trion Properties.

 “The result was $13.5 million raised from purely high net worth individuals, which provided ample buying power to build a strong portfolio of several smaller communities, acquired for highly competitive prices, primarily through off-market transactions.”

Mitch Paskover

Trion Properties was founded in 2005 by Sharkansky and fellow Managing Partner Mitch Paskover, who have over 30 years of combined experience in the commercial real estate industry.

To date, the firm has already closed more than $300 million in transactions.

“Our investors have historically seen returns exceeding 30 percent annually and all properties purchased with Fund I are meeting or exceeding projections,” says Sharkansky. 

“We are confident that the properties acquired with our first fund will achieve the targeted investor level of returns long term.”

CONTACTS:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

http://www.trion-properties.com/

HFF announces sale of high-rise apartments in Uptown Denver, CO

Alexan Uptown Apartments, Uptown Neighborhood, Denver, CO

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Alexan Uptown, a 372-unit, 12-story luxury apartment tower located in downtown Denver’s highly popular Uptown neighborhood.

Anna Stevens

The HFF team marketed the asset exclusively on behalf of the seller, Trammell Crow Residential (TCR), and procured the buyer, Equity Residential.  The sale marks Equity Residential’s re-entry into Denver since exiting the market in January 2016.

Alexan Uptown is a 12-story luxury community located at 1935 Logan Street, a core location that positions the property within walking distance to numerous critically acclaimed restaurants, bars and entertainment destinations and adjacent to employers within the Denver CBD. 

 The transit-oriented property is also steps from bus and light rail service.  Completed in 2017, the property consists of studio, one- and two-bedroom floor plans averaging 771 square feet. 

Units are appointed with high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. 

Jordan Robbins

Community amenities include a resort-style pool and spa offering sweeping views of downtown, Coors Field and the Rocky Mountains; state-of-the-art fitness center with yoga, cross training and spin studios; fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations.

The HFF investment advisory team representing the seller included managing director Jordan Robbins and director Anna Stevens.

“The offering attracted significant buyer interest due to its prime location in the core, walkable, highly amenitized Uptown neighborhood of downtown Denver,” Robbins noted.  “TCR did an excellent job in the development of the building, and we are pleased to have worked with Equity Residential on their re-entry into the market.”

  

CONTACT:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

http://tcr.com/.

HFF announces acquisition financing totaling $26 million for Falling Creek Apartments in the Richmond, VA MSA

Falling Creek Apartments, North Chesterfield Submarket, Richmond, VA

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity and debt financing totaling $26.031 million for the acquisition of Falling Creek Apartments, a 348-unit apartment community in the North Chesterfield submarket of Richmond, Virginia.

Jamie Leachman

The HFF team worked on behalf of Brick Lane to arrange $6.696 million in joint venture equity through National Property REIT Corporation (NPRC).

This transaction represents the first partnership between Brick lane and NPRC.  

In addition, the HFF team worked on behalf of the new partnership to secure a $19.335 million, 12-year, fixed-rate loan through Freddie Mac’s CME Program, which funded the remainder of the acquisition costs. 

 The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Falling Creek Apartments is located at 2530 Marina Drive just off Route 301 in North Chesterfield, which positions the community within minutes of Interstates 95 and 295 and Highway 288. 

 The property is situated within the Chesterfield County school district and is less than 10 miles south of downtown Richmond.  Falling Creek Apartments consists of 31 two-story buildings encompassing a mix of studio, one- and two-bedroom townhome and flat-style units.

The HFF debt and equity placement team representing the borrower consisted of Jamie Leachman.

“Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” Leachman said.  “It was a privilege to bring together both groups and assist in their continued success.”

CONTACTS:

JAMIE LEACHMAN

HFF Senior Director

(202) 533-2524

jleachman@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

NAI Realvest Negotiates 3 New Leases, Filling More Units at Poinciana CommerCenter in Kissimmee, FL

Michael Heidrich

KISSIMMEE, FL – NAI Realvest completed three long-term lease agreements at Poinciana CommerCenter East in Kissimmee for businesses who are moving or expanding into new flex space at the facility located on Business Center Lane.

NAI Principals Michael Heidrich, Matt Cichocki and Kevin O’Connor brokered the transactions representing the landlord, Small Bay Partners, LLC of Maitland and the tenants.  

Trubarber, LLC leased 1,620 square feet at 1725 Business Center Lane to expand space for its operations by over 60 percent. The barber products supplier relocated to its new space from 1799 Business Center Lane/

Matt Cichocki

That unit with 1,350 square feet has already been leased again to Xtreme Disaster Recovery, LLC, a major fire and water damage restoration firm with locations throughout the Southeast.   

 Commercial landscape firm Southern Outdoor, LLC, of St. Cloud signed a new lease for 1827 Business Center Lane , a unit with 1,890 square feet. 

Contacts:

Michael Heidrich, Kevin O’Connor or Matt Cichocki, Principals, NAI Realvest, 407-875-9989 

mheidrich@realvest.com; koconnor@realvest.com;

MCichocki@realvest.com

Robin L. Webb, CCIM, Cha, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest 407-875-9989 Rwebb@realvest.com

Beth Payan,  Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com.     

www.NAIRealvest.com.

BKM Capital Partners Acquires 700,000-SF, 14-Building Multi-Tenant Industrial Portfolio in Otay Mesa, CA

Part of BKM's 14-Building Industrial Portfolio Acquired
in Otay Mesa, CA

            SAN DIEGO, CA (Sept. 4, 2018) – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired the Otay Mesa Industrial Portfolio, a six-property industrial portfolio that encompasses 14-buildings totaling 703,215 square feet in the Otay Mesa submarket of San Diego, California.

      The Otay Mesa Portfolio is comprised of six properties located at:

• Borderpoint Business Park, 6754, 6744 & 6794 Calle De Linea
• San Diego International Center, 8830 Siempre Viva Road
• Faraday Industrial Park, 2325, 2345, 2365, 2375 Michael Faraday Drive; 2350 Marconi Place
• Otay Business Center, 6987 & 6995 Calle De Linea
• Frontera Business Center, 2695 Customhouse Court
• Otay Crossing Business Park, 2340 Enrico Fermi Drive & 10025 Siempre Viva Road

Cushman and Wakefield represented the seller, Stockbridge Capital Group.

Brian Malliet

            “This was a rare opportunity to acquire a portfolio of critical mass at a discount to its replacement cost in one Southern California’s fastest growing submarkets,” says BKM Capital Partners CEO and Co-Founder, Brian Malliet. 

“Otay Mesa has undergone rapid expansion over the last few years and is poised for long-term growth. In fact, industrial vacancy in the region is at an all-time low of 4.5 percent and industrial rents have increased by more than 16-percent in the last two years alone.”

            The Otay Mesa Industrial Portfolio is strategically located adjacent to the USA-Mexico international border, which is one of the busiest border crossings in the Western Hemisphere with an estimated $243 billion of goods exported across it each year.

            “This strategic location provides tenants with unmatched access across the border, as well as direct access to the SR-905 and I-5 freeways,” explains Malliet. 

Brett Turner

“Major corporations such as Kraft, Sharp, Bose, General Dynamics and Camelback have already taken large positions in Otay Mesa in order to bolster access to key components of the supply chain. 

"With the opening of the new Port of Entry to Mexico (Fwy-11) in late 2019, demand for high-quality industrial assets in the region will continue to grow, further placing upwards pressure on rental rates.”

            The multi-tenant industrial portfolio is currently 97-percent occupied by a diverse range of 44 different tenants with in-place rents approximately 24-percent below market value.

            “The nearly fully-occupied asset provides immediate stabilized cash flow while the diversification among tenants, staggered lease expirations, and varying unit sizes limit rollover exposure,” says Brett Turner, Director of Acquisitions at BKM Capital Partners. 

“Additionally, more than 60-percent of lease expirations are scheduled to expire in the first 3 years, which will allow BKM to quickly increase NOI by bringing rents up to market as leases roll.”

BKM Capital Partners also plans to implement a series of cosmetic capital improvements to the property including new paint, landscaping and signage as well as structural improvements such as updated HVAC systems and new roofs.

“These properties are highly functional assets that are in need of a refresh or modernization,” says Turner. “This is consistent with our strategy of acquiring distressed, institutional-quality assets in strong locations where we can create value through strategic renovations and hands-on management.”

Contact:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 955-7940

acaswell@brower-group.com

www.bkmcapitalpartners.com

HFF announces acquisition financing for newly built multi-housing community in Houston, TX

Cortney Cole

HOUSTON, TX – Sept. 4, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Ascension on the Bayou, a newly built, 280-unit, Class A multi-housing community in Houston, Texas.

The HFF team worked on behalf of the borrower, Tarantino Properties, to secure a 10-year acquisition loan with a fixed interest rate of 4.43 percent with six years of interest-only payments.

Ascension on the Bayou was completed in 2017 and is situated along Buffalo Bayou at 150 W. Sam Houston Parkway at the convergence of Houston’s Energy Corridor, Westchase and Memorial City neighborhoods. 

The LEED Silver, mid-rise podium-style property offers immediate access to Terry Hershey Park and multiple employment, retail, dining and entertainment amenities. 

 Ascension on the Bayou features a variety of one- and two-bedroom floor plans, some of which also include a study, and high-end finishes, island kitchens with breakfast bars, full-size washers and dryers, recessed lighting, walk-in closets, and patios or balconies providing unobstructed views of the woods along the bayou. 

Community amenities include an infinity-edge pool, grilling area, fire pit, covered fitness plaza with ping pong tables, indoor fitness center, entertainment lounge, business center and pet park.

HFF’s debt placement team representing the borrower included managing director Cortney Cole and analyst Sterling Curry.

 CONTACTS:

CORTNEY COLE

HFF Managing Director

(713) 852-3500

ccole@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com